Securing a real estate loan can be difficult. Most lenders require at least a credit score of 620, so anyone with a low score may struggle to receive the necessary funding to own a home. Whether you’re looking for a residential investment opportunity or dreaming of updating your starter home, find out how the best hard money lenders in California can help.
Loan Options With Bad Credit
Banks may make it seem like you can’t receive a loan without a great credit score. They may point you to steps that build your credit score, but this strategy can take too long. Don’t lose your dream home or investment property just because you’re trying to build your credit instead of secure a faster loan option.
Hard money loans are one of the best option for individuals with a low credit score looking to invest in real estate. A residential bridge loan is a competitive way to borrow against the existing equity in a home. Learn more about this popular loan type to see if it’s right for you.
This can be done for two reasons: First, if you’re looking to purchase a rental property or other real estate investment. Borrow against your home to afford the down payment and necessary investment costs to fix-and-flip a property or prepare a rental.
Second, a residential bridge loan gives you the funding you need to make a down payment before you sell your existing home. Make the transition from your starter home to your dream home a smooth one by using a hard money loan. You can completely pay off your short-term loan as soon as you close on your old home, so you won’t have to worry about making payments or paying large amounts of interest.
Benefits of Hard Money Loans
Compared to traditional mortgages, hard money loans are very easy to receive. You don’t have to have a stellar credit score or wait months to receive your loan. In as little as a few weeks, you’ll receive a response about your hard money loan.
Fast cash is crucial to closing on property in a hot market. Don’t wait for your existing home to clear or a bank to approve a traditional loan. Hard money is fast cash that allows you to make a quick down payment or free up the working capital necessary to make necessary fix-and-flip repairs.
Reliable hard money real estate lenders make it easy to invest in residential real estate. Whether you’re living in your new home, renting it out or making improvements to put it back on the market, a reliable lender takes the stress, cost and unknowns out of the process. Don’t work with an unknown lender, but trust a leading name in the industry. Check out your chosen lender to see what other homeowners and investors are saying.
Get the Most Out of Your Property Today
Learn more about hard money loans today by contacting one of the best residential bridge loan lenders in your area. Create your own investment plan and make the most of your existing property with a hard money loan. You don’t need a sky-high credit score to secure a better home, better business opportunity or better lifestyle.